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The neuromorphic computing market is expected to grow from USD 6.6 million in 2016 to reach USD 272.9 million by 2022, at a CAGR of 86.0% during the forecast period. Increasing adoption of software, due to its applications such as continuous online learning, real-time data streaming, predictive analysis, and data modeling, in video monitoring, machine vision, and voice identification applications is expected to be a major driving factor for the growth of the market. Lack of R&D investments and lack of knowledge about neuromorphic computing among consumers are the major restraints of neuromorphic computing market.

Image recognition application holds the largest share of the neuromorphic computing market for the aerospace. Various approaches to allow neuromorphic computing to learn algorithms are based on the image recognition technology. Aerospace & defense is the largest application area for image recognition since it is used for surveillance and security, tracking, and targeting and in drones. Growth in the market for image recognition is expected to be driven by the increasing adoption of drones and UAVs. Video monitoring and machine vision are the major factors driving the growth of the market for image recognition.

High awareness pertaining to the benefits of neuromorphic computing in various industries such as aerospace, military, & defense and medical is a major driver for the growth of the neuromorphic computing market in North America. The U.S. being the leading country in the adoption of artificial intelligence for machine learning, natural language processing (NLP), image processing, and speech recognition across industries such as healthcare and automotive & transportation is driving the growth of the neuromorphic computing market in North America.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with people holding key positions across several regions. The breakup of the profile of primary participants is given below:

The report would help the market leaders/new entrants in this market in the following ways:

1. This report segments the neuromorphic computing market comprehensively and provides the closest approximations of the market sizes for the overall market and subsegments across the different applications, industries and regions.2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.3. This report would help stakeholders to understand their competitors better and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.

Figure 1 Neuromorphic Computing MarketFigure 2 Research DesignFigure 3 Market Size Estimation Methodology: Bottom-Up ApproachFigure 4 Market Size Estimation Methodology: Top-Down ApproachFigure 5 Breakdown of PrimariesFigure 6 Data Triangulation: Neuromorhic Computing MarketFigure 7 Flow of Report WritingFigure 8 Neuromorphic Computing Market, By Offering, 2016-2022Figure 9 Neuromorphic Computing Market, By Application, 2016 vs 2022Figure 10 Neuromorphic Computing Market, By Industry, 2016 vs 2022Figure 11 Neuromorphic Computing Market, By Region, 2016Figure 12 Neuromorphic Computing Market Expected to Grow at A High Rate Between 2016 and 2022Figure 13 Software Expected to Dominate the Neuromorphic Computing Market Between 2016 and 2022Figure 14 Image Recognition Expected to Hold the Largest Share of the Neuromorphic Computing Market By 2022Figure 15 Aerospace & Defense Expected to Hold the Largest Share of the Neuromorphic Computing Market By 2022Figure 16 The U.S. Likely to Hold the Largest Share of the Neuromorphic Computing Market Between 2016 and 2022Figure 17 Architectural Difference: Von Neumann vs Neural NetworkFigure 18 Biological Inspiration of Neuromorphic Design By Carver Mead in 1990Figure 19 Neuromorphic Computing: Market DynamicsFigure 20 Cost Per Transistor for A Single IC Chip has Increased After the Launch of 28nm Semiconductor Device Fabrication TechnologyFigure 21 Value Chain Analysis of the Neuromorphic Computing Market, 2015Figure 22 Overview of the Porter’s Five Forces Analysis of the Neuromorphic Computing Market (2015)Figure 23 Neuromorphic Computing Market: Porter’s Five Forces AnalysisFigure 24 Medium Impact of Bargaining Power of Suppliers on the Neuromorphic Computing MarketFigure 25 Low Impact of Bargaining Power of Buyers on the Neuromorphic Computing MarketFigure 26 Medium Impact of Threat of Substitutes on the Neuromorphic Computing MarketFigure 27 Low Impact of Threat of New Entrants on the Neuromorphic Computing MarketFigure 28 High Impact of Degree of Competition on the Neuromorphic Computing MarketFigure 29 Neuromorphic Computing SegmentationFigure 30 Neuromorphic Computing Hardware Market to Grow at the Fastest Rate Between 2016 and 2022Figure 31 Neuromorphic Computing Hardware Market for Signal Recognition Applications to Grow at the Highest Rate Between 2016 and 2022Figure 32 North America Expected to Hold the Largest Share of the Neuromorphic Computing Software Market Between 2016 and 2022Figure 33 Neuromorphic Computing Segmentation, By ApplicationFigure 34 Neuromorphic Computing Market for Signal Recognition Applications Expected to Grow at the Highest Rate Between 2016 and 2022Figure 35 Video Monitoring Expected to Hold the Largest Share of the Neuromorphic Computing Market for Image Recognition Applications Between 2016 and 2022Figure 36 Voice Identification Expected to Hold the Largest Share of the Neuromorphic Computing Market for Signal Recognition Applications Between 2016 and 2022Figure 37 Fingerprint Identification to Hold the Largest Share of the Neuromorphic Computing Market for Data Mining Applications Between 2016 and 2022Figure 38 Neuromorphic Computing Market Segmentation, By IndustryFigure 39 Aerospace & Defense Industry Expected to Hold the Largest Size of the Neuromorphic Computing Market Between 2016 and 2022Figure 40 Market for Signal Recognition Applications for the Aerospace & Defense Industry Expected to Grow at the Highest Rate Between 2016 and 2022Figure 41 North America Expected to Dominate the Neuromorphic Computing Market for the Aerospace & Defense Industry Between 2016 and 2022Figure 42 Market for Image Recognition Applications for the IT & Telecom Industry Expected to Be Grow at the Highest Rate Between 2016 and 2022Figure 43 North America Expected to Dominate the Neuromorphic Computing Market for the IT & Telecom Industry Between 2016 and 2022Figure 44 Market for Image Recognition Applications for the Automotive Industry to Grow at the Highest Rate Between 2018 and 2022Figure 45 Image Recognition Applications for the Industrial Sector Expected to Dominate the Neuromorphic Computing Market Between 2018 and 2022Figure 46 Neuromorphic Computing Market Segmentation, By RegionFigure 47 U.S. Held the Largest Share of the Total Military Spending in 2014Figure 48 Neuromorphic Computing Market in the U.S. Expected to Grow at the Highest Rate Between 2016 and 2022Figure 49 North America: Neuromorphic Computing Market Snapshot (2016-2022)Figure 50 U.S. Expected to Be the Fastest Growing Market for Neuromorphic Computing in North America Between 2016 and 2022Figure 51 Aerospace & Defense Expected to Be the Largest Industry for Neuromorphic Computing in the U.S. Between 2016 and 2022Figure 52 Europe: Neuromorphic Computing Market Snapshot (2016-2022)Figure 53 Neuromorphic Computing Market for the Medical Industry in Germany Expected to Grow at Highest Rate Between 2016 and 2022Figure 54 Neuromorphic Computing Market for the Medical Industry in Spain Expected to Grow at the Highest Rate Between 2016 and 2022Figure 55 Asia-Pacific: Neuromorphic Computing Market Snapshot (2016-2022)Figure 56 Aerospace & Defense Expected to Be the Largest Industry for Neuromorphic Computing in China Between 2016 and 2022Figure 57 Neuromorphic Computing Market in the Middle East & Africa Expected to Grow at the Highest Rate Between 2016 and 2022Figure 58 Companies Adopted New Product Development as the Key Growth Strategy in the Past Three Years (2012-2016)Figure 59 Battle for Market Share: New Product Launches Was the Key Strategy Adopted By Companies Between 2012 and 2016Figure 60 Geographic Revenue MixFigure 61 IBM Corporation: Company SnapshotFigure 62 IBM Corporation: SWOT AnalysisFigure 63 Hewlett Packard Enterprise: Company SnapshotFigure 64 Hewlett Packard Enterprise: SWOT AnalysisFigure 65 Samsung Electronics Limited: Company SnapshotFigure 66 Samsung Electronics Limited: SWOT AnalysisFigure 67 Intel Corp.: Company SnapshotFigure 68 Intel Corp.: SWOT Analysis

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The major factors driving the growth of the neuromorphic computing market include growth in the sensors market; rising demand for artificial intelligence and machine learning; increasing adoption of software in applications such as continuous online learning, real-time data streaming, predictive analysis, and data modelling; need for better performing ICs; growing demand for neuromorphic computing in applications such as video monitoring, machine vision, and voice identification; and the end of Moore’s law leading to new ways of computing.This report segments the neuromorphic computing market based on offerings, applications, industries, and geography. On the basis of offering, the market has been segmented into hardware and software. Software holds the largest share of the neuromorphic computing market due to its rapid adoption in industries such as aerospace & defense, IT & telecom, and medical.

The signal recognition technology is being used in a variety of applications, owing to the continuing advancements in computing power and the widespread adoption of mobile and cloud-based computer technology, which makes it the fastest growing application for neuromorphic computing.

Neuromorphic chips have the advantage to process the information much faster than any other processors, which helps the military & defense industry in processing the battlefield data, including weapon and resource management. Increasing requirement for testing and transmitting signals in this industry, which helps to securely code and transmit data from one end to another to reduce the threat of security issues, is another factor driving the growth of the neuromorphic computing market for the aerospace & defense industry.

North America is the largest and rapidly growing market for neuromorphic computing due to the initiatives taken by major chip designing companies such as IBM Corporation (U.S.), Intel (U.S.), and General Vision (U.S.) in this region to develop the chips to embed them for large-scale applications such as servers, data centers, and big data analytics, among others. Increasing awareness about benefits of neuromorphic computing in various industries such as aerospace, military & defense, and medical is driving the growth of the market in North America at a higher rate compared to other regions.

Lack of R&D and investments slowing down the development of real-world applications, complex algorithms increase the complexity of designing hardware of neuromorphic chips, and lack of knowledge about neuromorphic computing are some of the major factors restraining the growth of the neuromorphic computing market.

The major players operating in the neuromorphic computing market include IBM Corp. (U.S.), HP Corp. (U.S.), Samsung Electronics Ltd. (South Korea), Intel Corp. (U.S.), HRL Laboratories, LLC (U.S.), General Vision Inc. (U.S.), Applied Brain Research, Inc. (U.S.), and BrainChip Holdings Ltd. (U.S.). General Vision Inc. is ranked first in the neuromorphic computing market. The company is developing a leading edge of pattern recognition and image recognition - technologies driven by the use and benefits of neuromorphic semiconductor components. The company aims to deliver solutions for real-life problems which are practical in terms of speed, power consumption, size, and cost.